Incorporate?

[jbingo]

Quote from jgfutures:

***I am not a tax pro, simply posting my 2 cents***

jbingo,
It is important to identify if you qualify as a "trader" under IRS code. If you do, then there really is little difference between going sole prop or LLC.
However, if you DO NOT qualify as a trader, then an LLC is a better solution. Otherwise, all your "investing" expenses as a sole prop will be subject to adjustments. In this situation, an LLC allows you to deduct business expenses more efficiently.

This is simply my understanding of the tax code. I am in a similar situation and considering either option (simply based on deductions for business expenses). Currently, I do not qualify as a "trader" per IRS.

Thank you, jg. I do qualify (500 hours a year I understand is a good determiner). And I appreciate all the input. I'm starting to lean towards not incorporating. Wanted to name the business after my dad, who left me enough money to quit the day job and give it a stab (after six years of splitting my time). For all I know, I can name a sole proprietorship as a d/b/a. Haven't gotten that far; still searching for a deal on a quad monitor setup.

Thanks again to all.